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3. The demand for clothing increases. As a result, the price of Clothing increases above the minimum average cost of producing it. In the long run, if the clothing industry is

Perfectly competitive and is a constant-cost industry,

the supply of clothing and the price of clothing will increase

the supply of clothing will increase but the price will not

the price of clothing will increase but the price will not

neither the price nor the supply of clothing will increase

4. If the long-run market supply curve is perfectly elastic, an

Increase in demand will cause the final equilibrium to be at

the original price but at a smaller output

a higher price with a higher output

the original price but with a higher output

a higher price but with the same output

5. Number of workers Total Output

1 4

2 10

3 18

4 28

5 35

6 41

7 45

8 48

9 50

10 49

Refer to the table shown. Diminishing marginal productivity begins when the

third worker is hired

fourth worker is hired

fifth worker is hired

sixth worker is hired

6. A production table can be used to determine

a firm's profits

a firm's costs

how much output is produced from a given quantity of inputs

how much of a product will be demanded by consumers

7. Mr. Woodard's cabinet shop is experiencing rapid growth in sales. As sales have increased, Mr. Woodard has found it necessary to hire more workers. However, he has observed that doubling the number of workers has less than doubled his output. What is the likely explanation?